4 11) B) Cost of Boarding school a year from now Total cost for both children 50, *1.06 1,017, *2 PV of such cost for the next 5 years if the corpus is invested in Nifty Index Fund yielding 11% p.a. 4,649,0 PV((1.11/1.06)-1,5, ,,1) This PV is arranged by selling Equity shares Nifty ETF 2,592, ,000 Gold ETF 300, ( )*0.1 Total Funds 3,219,300 12) B) Total funds available for both children 15,000, *2 Investment at the end of 1st year 2nd year 3rd year 4th year 5th year 6th year Nifty Index Fund FMP Shortfall ) C) 14) C) These funds are the PV in Index Fund, which alongwith an SIP for 12 months will accumulate to Rs. 46,49,0 after one year The amount of SIP is given by 4731 PMT((1+11%)^(1/12)-1,12, ,46490,1) 15) B) Sales consideration of listed equity shares 2,592, a) Cost of acquisition Long term capital gains on equity shares Tax liability= Rs 0 b) Sales consideration of Nifty ETF Cost of acquisition Long term capital gains on nifty ETF Tax liability = Rs 0 c) Sales consideration of Gold ETF Cost of acquisition 16000

5 Long term capital gains on Gold ETF Tax liability *10% Sales consideration of gold coins sold Cost of gold = cost to the previous owner Since asset is held for more than 36 months indexation benefit is available Indexation would apply from the date of giving the gift Indexed cost of acquisition (632/244)*45250 Long term capital gains with indexation benefit Long term capital gains tax with indexation benefit *20% Total tax payable

7 1) B) Interest paid Interest 13 1-May Jun Jul Total Aug i) Interest for the previous year Sep ii) Interest for the preconstruction 1 1-Oct Nov Dec Jan Feb Mar Apr Total ) D) U/s 94(7) of Income Tax Act, all the three conditions mentioned below are satisfied. i) He has bought the units within a period of three months prior to the record date ii) He has sold the units within a period of 9 months after the record date iii) The dividend on such units received by him is exempted from tax The transactions of Ravi are as following 2-Apr-2009 cost of 1000 units Rs. 50 per unit *50 15-Jun-2009 Record Date 5-Mar-2010 sold per unit *1000 capital loss This loss cannot be claimed as short term loss for Tax computation as the dividend of Rs. 10,000 received is tax exempt 20) A) period i.e. from 1st Aug 2006 to (1/5th of 5000) Total amount of interest allowable as deduction u/s 24 (i + ii)

9 25) A) 12-Oct Dec Nov Mar % XIRR 26) B) Yes, Ravi is eligble for Gratuity under Payment of Gratuity Act The organization is covered under Gratuity Act He is in continuous service in this company for more than 5 years Arvind's Average Salary = ,000 Years of Service months (Less than 6 months ignored for calculation) Gratuity calculation (Average monthly salary*15/26*no. of year of continous service 155, *15/26*5

Solutions - Rahul 1) C) Present age of Aditi = 43 years Age of Aditi when Rahul Retires = 57 years Life expectancy of Aditi = 77 years Annuity needed = 77-57 = 20 years 2) B) Current Market Value of House

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